Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    1535 Lewis Ave Zion, IL 60099-1445

    • Retail space
    • 39,375 SF
    • 5.14 lot acres
    OFF-MARKET
    Last Sale
    Feb 24, 2022
    $787,000
    Value Estimations
    $870,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US28-2213969
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Retail space

    Property Details for 1535 Lewis Ave

    Year built
    1965
    Construction
    STEEL FRAME
    Lot size
    5.14 lot acres
    Property size
    39,375 SF
    Property type
    Retail space
    APN
    04-17-200-004
    APU
    417200004

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $835,000
      ML approach
      $1,020,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $967,000
      Market price range: $968k - $3.59M
      AI Estimate
      $1,242,000
      Market price range: $1.24M - $4.85M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Zion
    County
    Lake
    State
    Illinois
    Longitude
    -87.8532
    Latitude
    42.4667
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $37,493
    $79,621
    $250,878
    $330,499
    -
    $238,887
    $752,709
    $991,596

    Comparable in this City

    • Value Estimation
      $245,000
      2,438 SF

      3300 Sheridan Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,438 SF
      3300 Sheridan Rd, Zion, IL 60099-3661
      View Details
    • Value Estimation
      $285,000
      3,040 SF

      4660 Il Rte 173

      RETAIL STORES (PERSONAL SERVICES) • 3,040 SF
      4660 Il Rte 173, Zion, IL 60099-4085
      View Details
    • Value Estimation
      $715,000
      32,380 SF

      3237 Sheridan Rd

      RETAIL STORES (PERSONAL SERVICES) • 32,380 SF
      3237 Sheridan Rd, Zion, IL 60099-3658
      View Details
    • Value Estimation by Request
      6,512 SF

      2800 29th St

      RETAIL STORES (PERSONAL SERVICES) • 6,512 SF
      2800 29th St, Zion, IL 60099-3010
      View Details
    • Value Estimation by Request
      2,304 SF

      3245 Gilead Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,304 SF
      3245 Gilead Ave, Zion, IL 60099-3164
      View Details
    • Value Estimation
      $470,000
      15,155 SF

      2660 Sheridan Rd

      RETAIL STORES (PERSONAL SERVICES) • 15,155 SF
      2660 Sheridan Rd, Zion, IL 60099-2615
      View Details

    Similar Nearby for Sale

    • $242,500
      0.27 Acres

      Retail Building on Sheridan Road

      Free-standing retail building with parking in central business district.
      2601 Sheridan Rd, Zion, IL 60099
      View Details
    • New
      $450,000
      0.37 Acres

      Mixed-Use Income Property Opportunity

      Mixed-use property with income potential in high-traffic area.
      2275 Sheridan Rd, Zion, IL 60099
      View Details
    • $160,000
      0.18 Acres

      Retail Opportunity in Zion Business District

      Versatile storefront with high visibility and development flexibility.
      2453 Sheridan Rd, Zion, IL 60099
      View Details
    • $3,870,968
      14,547 SF

      Walgreens NNN Lease Opportunity

      NNN leased Walgreens in Chicago MSA with recent lease extension.
      39023 N Green Bay Rd, Beach Park, IL 60099
      View Details
    • $2,666,666
      2,163 SF

      Popeyes NNN Lease Investment

      High-Yield, 20-Year NNN Lease in IL
      3340 Sheridan Rd, Zion, IL 60099
      View Details
    • $240,000

      Brick Duplex in Zion

      Well-maintained brick duplex, great investment opportunity, new roof.
      2311 Elisha Ave, Zion, IL 60099
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,835 SF

      Retail Space on Sheridan Road

      Freestanding retail space in high-traffic area, drive-thru potential.
      Zion, IL 60099
      View Details
    • Contact for pricing

      New Retail Center in Zion

      New retail center with spaces available in 2025.
      2001 Sheridan Rd, Zion, IL 60099
      View Details
    • Contact for pricing

      Retail Space in Zion Business District

      Retail spaces available in Zion's central business district.
      2200 Sheridan Rd, Zion, IL 60099
      View Details
    • Contact for pricing
      13,225 SF

      Freestanding Retail Building For Lease

      Freestanding retail building with ample parking and great visibility.
      39161 N Sheridan Rd, Beach Park, IL 60099
      View Details
    • Contact for pricing
      1,835 SF

      Retail Space on Sheridan Road

      Freestanding retail building with high traffic and parking.
      3325 Sheridan Rd, Zion, IL 60099
      View Details
    • $13 SF/Yr
      8,520 SF

      Zion Plaza Retail Space

      1,200 SF Salon Space Available
      1301 21 St, Zion, IL 60099
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1535 Lewis Ave
    Zion, IL 60099-1445
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.